JLL Arranges $8.97M Acquisition Financing for Waterway Family Funds at Florence, Kentucky Industrial Facility
JLL Capital Markets has arranged $8.97 million in acquisition financing for Waterway Family Funds at a Class A industrial property at 4175 Aero Pkwy. in Florence, Kentucky, the firm announced Aug. 13, 2026. Busey Bank provided the loan for the 180,000-square-foot manufacturing and distribution facility, which is 100% leased and situated within the Northern Kentucky submarket near CVG International Airport.
Deal Details: Waterway Family Funds Secures Financing Through Busey Bank
JLL worked on behalf of the borrower, Waterway Family Funds, to secure the acquisition loan. The JLL Capital Markets team was led by Senior Director Dan Kearns, Director Matt Maksymec and Senior Analyst Christian Johnston.
The property sits on 11.06 acres and was built in 2017. It represents the fourth building within an established campus totaling 527,000 square feet. The single tenant — described as a global automotive technology supplier focused on steering systems for passenger cars and commercial vehicles — has maintained operations at the site for more than 30 years.
"Waterway's long-term track record across commercial real estate combined with the property's modern specifications, long-term tenant commitment and proximity to CVG International Airport positioned this financing opportunity well in a competitive lending environment," Kearns said.
Property Specifications and Location
The Florence facility features 32-foot clear heights, ESFR fire protection, LED lighting, abundant loading capacity and ample power capacity — specifications consistent with modern Class A industrial standards. The building's location in the Northern Kentucky submarket provides access to transportation infrastructure, a regional labor market and direct proximity to CVG International Airport, which serves as a logistics hub for the greater Cincinnati area.
Jeremy Pemberton, Chief Investment Officer of Waterway Family Funds, said the acquisition aligns with the firm's investment criteria. "A high-quality asset in a strong market, backed by an exceptional and committed tenant, delivers stable in-place income and an attractive risk-adjusted return," Pemberton said.
The purchase price, cap rate and price per square foot were not disclosed in connection with the transaction.
About the Principals
Waterway Family Funds focuses on acquiring commercial real estate across diverse asset classes and geographic locations, targeting assets that emphasize capital preservation, current income and long-term value creation. Since 2003, Waterway Family Funds and its affiliates have financed more than $12 billion of real estate transactions and acquired more than $16 billion of total real estate value. The firm's principals average more than 30 years of experience in commercial real estate. Waterway Family Funds is affiliated with Waterway Capital LLC, a registered broker-dealer with the SEC and a member of FINRA/SIPC.
Busey Bank is a wholly owned subsidiary of First Busey Corporation (Nasdaq: BUSE), an $18.19 billion financial holding company headquartered in Leawood, Kansas, as of June 30, 2026. Busey Bank operates 80 banking centers across Illinois, Missouri, Texas, Florida, Oklahoma, Colorado, Arizona, Indiana, Kansas and New Mexico.
Market Context: Industrial Financing and the Northern Kentucky Submarket
The transaction reflects continued lender appetite for stabilized, income-producing industrial assets with modern specifications and long-term tenancy. U.S. industrial leasing activity reached 175.7 million square feet in the second quarter of 2026, up 49.4% year over year and 20.9% quarter over quarter, indicating a re-acceleration in occupier demand following a softer period. That demand backdrop has supported financing activity on well-leased logistics and manufacturing properties.
The Northern Kentucky submarket, anchored by CVG International Airport and connected to the broader Cincinnati logistics corridor, has drawn continued investor and lender interest due to its transportation access, labor availability and proximity to a large regional customer base.
JLL's Capital Markets group operates globally with more than 3,000 specialists in offices across nearly 50 countries, providing debt advisory, investment sales, equity and fund placement, and related services to real estate investors and occupiers.